 Panel A: Contracting \\ & Static Coefficient & Pre Trends & Obs. \\
 PhD cosupervision (binary) & 0.0003. & [p=0.878]  & 50401 obs \\
 & (0.0005) &  & (3685 pairs) \\ 
 Outsourcing R&D to public labs (binary) & 0.0004. & [p=0.595] & 43280 obs \\
 & (0.0010) & & (3679 pairs) \\ 
 Outsourcing R&D to public labs (log)& 0.0362. & [p=0.344] & 4874 obs \\
 & (0.0285) & & (873 pairs) \\ 
 \cr Panel B: Worker Mobility \\ & Static Coefficient & Pre Trends & Obs. \\
 Transfer of senior academics (binary) & -0.0001. & [p=.] & 36104 obs \\
 & (0.0011) & & (3672 pairs) \\ 
 Transfer of junior academics (binary) & 0.0014. & [p=.] & 36104 obs \\
 & (0.0012) & & (3672 pairs) \\ 
 Transfer of researchers (binary) & 0.0017. & [p=.] & 36104 obs \\
 & (0.0016) & & (3672 pairs) \\ 
 Hiring of young PhDs (binary) & -0.0001. & [p=0.723] & 39678 obs \\
 & (0.0007) & & (3677 pairs) \\ 
 \cr Panel C: Startup creation \\ & Static Coefficient & Pre Trends & Obs. \\
 Creation rate of new plants & 0.0012* & [p=0.470] & 53549 obs \\
 & (0.0007) & & (3630 pairs) \\ 
 - by new firms & 0.0008. & [p=0.719] & 53549 obs \\
 & (0.0005) & & (3630 pairs) \\ 
 - by existing firms & 0.0004. & [p=0.438] & 53549 obs \\
 & (0.0004) & & (3630 pairs) \\ 
 - with engineers & 0.0004* & [p=0.989] & 53549 obs \\
 & (0.0002) & & (3630 pairs) \\ 
 Academic Spin-offs (binary) & -0.0001. & [p=0.377] & 39700 obs \\
 & (0.0002) & & (3675 pairs) \\ 
